The conglomerate reserves abundant heavy oil in Luojia and Kenxi area, Bonan sub-sag. By analyzing drilling, logging and kinds of analytical data in detail, their sedimentary characteristics are studied herein. The study shows that, the conglomerates are subaqueous alluvial fan and fan delta. The subaqueous alluvial fan in Luojia area is developed in a background of ancient landform, and driven by gravity flow. The conglomerate is developed within it primarily, and its structure type mainly contains coarse complex matrix and mixed matrix. Its probability cumulative grain-size curves are mainly one-part form. The fining-upward normal-cycle phase sequence is developed. The fan delta in Kenxi area is developed in a background of shallow-lake flat slope sediments and controlled by the boundary fault, it has a dual-flow mechanism of gravity flow and tractive flow, and the pebbly sandstone is developed within it primarily, and its structure type mainly contains supported grain. Its probability cumulative grain-size curves are mainly two-part form and three-part form. The coarsening-upward inverse-cycle phase sequence is developed. Their reservoir capabilities, oil saturation and fluid kinematical character during exploitation have large discrepancy, and it is the different sedimentary model that have controlled the above discrepancy in fan delta of Luojia area and subaqueous alluvial fan of Kenxi area.